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24 December 2018 15:52
The price of Ether rose significantly higher than the US dollar and bitcoin. The ETH / USD broke the resistance by $ 150.00 and could now be traded for the resistance of $ 165.00.
Key points
The price of Ether rose higher and broke the resistance from $ 140.00 and $ 150.00 against the US dollar.
A crucial bullish trend line is formed with support for $ 140.00 on the 2-hour chart of Eth / USD.
ETH / BTC gathered above the resistance levels 0.0320TBTC and 0.0350BTC.
Technically, the 2-hour chart indicators extend beyond the overbought territory.
Price analysis of the ether
In the weekly analysis of the ETH / USD, we discussed the possibilities of a bullish break above $ 132.00 and a test of $ 140.00. The pair was significantly higher in the last few sessions, gaining more than 15% and exceeding the resistance from $ 140.00 and $ 150.00.
ETH / BTC followed a similar path and gathered above the resistance 0.0320BTC. The pair also eliminated the 0.0350BTC resistance, opening the door for an upward extension to the 0.0380BTC barrier.
Looking at the 2-hour chart of Eth / USD, the pair plunged a few points after testing the $ 135.00 level. However, losses were limited and Ether found support close to $ 125.00. The price recovered well and broke the resistance of $ 150.00. A new monthly high was formed at $ 151.36 and the price is consolidating gains.
Initial support is close to the $ 148.00 level, below which the price could test a crucial uptrend line with support for $ 140.00. Turning to the 30-minute chart of Eth / USD, the pair seems to be preparing for further gains over $ 150.00 and $ 152.00 levels.
A successful hourly closing above the $ 152.00 level can set the pace for a push towards the $ 158.00-160.00 zone. The next major resistance approaches the $ 165.00 level (the previous key support in November 2018).
On the downside, the $ 144.00 level is a short-term pivot level along with the Fibonacci retracement level of 23.6 from the recent move from the low of $ 124.52 to that of $ 151.36. The current price action is super bullish compared to the $ 140.00 support, and Ether's price will most likely rise above $ 155.00 and $ 158.00 in the near term.
Important resistance levels
$ 155.00 and $ 165.00
Important support levels
$ 144.00 and $ 140.00
2 hours RSI
The RSI is currently well above level 70.
MACD at 2 hours
The MACD is gaining momentum in the bullish zone.
Aayush spent over seven years as a contributor and observer of the financial markets. He specialized in market strategies and technical analysis. It strives to provide entertaining and informative analyzes on the currency and commodity markets. He is a software engineer by profession and loves blogs.
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